Devalued currency

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China maintains an artificially depressed exchange rate to fuel its export engine and German exports are based on a devalued euro

Sir, The chief economist of HSBC warns against devaluing sterling in pursuit
of export competitiveness (Opinion,
Jan 25), yet the two largest exporting nations in the world rely on
devalued currencies. China maintains an artificially depressed exchange rate
to fuel its export engine; and German exports are based on a euro which is
20 to 30 per cent below the value that an independent Deutsche euro would
command, delivering massive economic benefit from enhanced German
competitiveness in exports outside the EU.

It was therefore with some scepticism that I read several pages later that
Angela Merkel is warning the